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Euro zone inflation hits record high 10%, raising pressure on ECB
September 30, 2022--Summary:
Underlying inflation also surges
ECB expected to raise rates by 75 bps in Oct
Inflation peak may be months away
Euro zone inflation zoomed past forecasts to hit 10.0% in September, a new record high that will reinforce expectations for another jumbo interest rate hike next month from the European Central Bank.
Price growth in the 19 countries sharing the euro accelerated from August's 9.1%, data from Eurostat showed on Friday, beating expectations for a reading of 9.7%, with some euro zone members experiencing the fastest price growth since the time of the Korean War 70 years ago.
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Source: reuters.com
ESAs propose disclosures for fossil gas and nuclear energy investments
September 30, 2022--The three European Supervisory Authorities (EBAh EIOPA and ESMA -ESAs) have today delivered to the European Commission (EC) their Final Report with draft Regulatory Technical Standards (RTS) regarding the disclosure of financial products' exposure to investments in fossil gas and nuclear energy activities under the Sustainable Finance Disclosure Regulation (SFDR).
In the amending final draft RTS, the ESAs propose to add specific disclosures to provide transparency about investments in taxonomy-aligned gas and nuclear economic activities. These disclosures, which are in line with the definitions in the Complementary Climate Delegated Act, will help investors make informed decisions.
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Source: ESMA
Active fund strategies bear brunt of outflows in Europe
September 29, 2022--Passively managed inflows have masked the extent of damage to the industry as a whole
Active asset managers are bearing the brunt of negative sentiment with outflows from open-ended funds surpassing €150bn in the year to the end of August, while passively managed inflows have helped mask the extent of the damage.
Markets have undergone a wide sell-off since the start of the year as the Ukraine war, rising interest rates, inflation and a looming recession spooked investors.
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Source: FT.com
ESMA reminds firms of the impact of inflation in the context of investment services to retail clients
September 27, 2022--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, today publishes a statement reminding firms to consider inflation and inflation risk when applying relevant MiFID II requirements in the interest of investor protection.
Over the past months inflation rates have risen in the EU, as in the rest of the world, and this growth in inflation has impacted households both in their daily lives and in their investments and investment decisions.
ESMA notes that from an investor protection perspective, this trend poses a risk for retail investors, as some of them will not fully appreciate the link between inflation and financial markets and may not fully understand how considerations on inflation should be factored in when they make saving and investment decisions.
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Source: ESMA
ECB-Monetary developments in the euro area: August 2022
September 27, 2022--September 27, 2022-- Annual growth rate of broad monetary aggregate M3 increased to 6.1% in August 2022 from 5.7% in July (revised from 5.5%)
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, stood at 6.8% in August, unchanged from previous month
Annual growth rate of adjusted loans to households stood at 4.5% in August, unchanged from previous month
Annual growth rate of adjusted loans to non-financial corporations increased to 8.7% in August from 7.6% in July
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 increased to 6.1% in August 2022 from 5.7% in July, averaging 5.8% in the three months up to August. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, stood at 6.8% in August, unchanged from the previous month. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 4.6% in August from 3.3% in July. The annual growth rate of marketable instruments (M3-M2) increased to 2.6% in August from 0.7% in July.
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Source: ECB
ESMA updates Q&As on MiFID II and MiFIR commodity derivatives topics
September 23, 2022--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today updated its Questions and Answers (Q&As) on commodity derivatives topics under the MiFID II and MiFIR.
The revised Q&A document reflects mainly the amendments introduced by the Recovery Package for commodity derivatives, including those introduced by the entry into force of the latest technical standards and the Commission Delegated Regulation on the ancillary activity criteria (CDR 2021/1833) replacing RTS 20 which became applicable in November 2021.
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Source: ESMA
ESMA publishes final guidelines on MiFID II suitability requirements
September 23, 2022-The European Securities and Markets Authority (ESMA), the EU's Securities Markets Regulator, has published its Final Report on Guidelines on certain aspects of the MiFID II suitability requirements].
The assessment of suitability is one of the most important requirements for investor protection in the MiFID framework.
It applies to the provision of any type of investment advice, whether independent or not, and to portfolio management.
The main amendments introduced to the MIFID II Delegated Regulation and reflected in the guidelines on the topic of sustainability are:
Information to clients on the sustainability preferences-Firms will need to help clients understand the concept of sustainability preferences and explain the difference between products with and without sustainability features in a clear manner and avoiding technical language;
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Source: ESMA
Official Statistics: Forecasts for the UK economy: September 2022
September 21, 2022--A comparison of independent forecasts for the UK economy in September 2022.
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Source: gov.uk
New equity ETF from iShares on Xetra: access to sustainable companies from the S&P 500 Index with best-in-class approach
September 16, 2022--A new exchange-traded fund from iShares has been tradable on Xetra and via the Frankfurt Stock Exchange trading venue since Friday.
The iShares S&P 500 ESG UCITS ETF offers exposure to US companies from the S&P 500 Index that have a particularly high ESG rating in the areas of environmental protection, social responsibility and corporate governance compared to their peers.
The best-in-class approach is used for selection in order to achieve a similar sector group weighting as in the parent index. The index is weighted by market capitalisation.
Companies with a poor ESG score or those with business activities in areas such as tobacco, thermal coal, or controversial weapons are excluded.
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Source: Xetra
New equity ETF from iShares on Xetra: access to sustainable companies from the S&P 500 Index with best-in-class approach
September 16, 2022--A new exchange-traded fund from iShares has been tradable on Xetra and via the Frankfurt Stock Exchange trading venue since Friday.
The iShares S&P 500 ESG UCITS ETF offers exposure to US companies from the S&P 500 Index that have a particularly high ESG rating in the areas of environmental protection, social responsibility and corporate governance compared to their peers.
The best-in-class approach is used for selection in order to achieve a similar sector group weighting as in the parent index. The index is weighted by market capitalisation.
Companies with a poor ESG score or those with business activities in areas such as tobacco, thermal coal, or controversial weapons are excluded.
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Source: Xetra
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